Global Prescription Drugs Market, By Type (Branded, Generic), Therapy Area (Oncology, Immunology, Ophthalmology, Respiratory, Dermatology, Gastroenterology, Urology, Gynaecology, Endocrinology, Others), Route of Administration (Oral, Topical, Parenteral, Others), End-Users (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Prescription medications include a wide range of vaccinations and therapies used to treat and manage chronic and acute diseases. Cancer, cardiovascular diseases, diabetes, and orphan diseases are among these disorders. In current therapeutic situation, proper prescription drug administration is crucial for improving clinical outcomes for practically every patient suffering from significant diseases. Many market companies are conducting clinical studies to develop novel treatments for various disorders; nevertheless, the prescription drug landscape has changed dramatically due to the rising availability of generic equivalents.
Data Bridge Market Research analyses that the prescription drugs market was valued at USD 1,015.63 billion in 2021 and is expected to reach USD 1,482.35 billion by 2029, registering a CAGR of 4.84% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (Branded, Generic), Therapy Area (Oncology, Immunology, Ophthalmology, Respiratory, Dermatology, Gastroenterology, Urology, Gynaecology, Endocrinology, Others), Route of Administration (Oral, Topical, Parenteral, Others), End-Users (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
F. Hoffmann-La Roche Ltd. (Switzerland), Mylan N.V. (U.S.), Teva Pharmaceutical Industries Ltd. (Ireland), Sanofi (France), Pfizer Inc. (U.S.), GlaxoSmithKline plc (U.K.), Novartis AG (Switzerland), Merck & Co., Inc. (U.S.), Allergan (Ireland), AstraZeneca (U.K.), Johnson & Johnson Private Limited (U.S.), Hikma Pharmaceuticals PLC (U.K.), Bristol-Myers Squibb Company (U.S.), Bayer AG (Germany), Boehringer Ingelheim International GmbH. (Germany), Dr. 'Reddy's Laboratories Ltd. (India), Gilead Sciences, Inc. (U.S.), Amgen Inc. (U.S.), Eli Lilly and Company (U.S.), AbbVie Inc. (U.S.), Lupin (India), Allergan (Ireland)
Prescription pharmaceuticals are more potent than over-the-counter (OTC) medications. As a result, their misuse may result in serious negative effects. Customers are only given these medications if they have a doctor's prescription. The symbol Rx, which may be found on doctor's prescription notepads and signs in most pharmacies, stands for medical prescription.
Prescription Drugs Market Dynamics
- Increasing prevalence of cardiovascular diseases
The increased prevalence of cardiovascular diseases will fuel the 'market's growth. According to the CDC, cardiovascular diseases, which include heart and blood vessel abnormalities, are the leading cause of mortality and disability worldwide. High blood pressure, often known as hypertension, is a key risk factor for this disease, which is responsible for an estimated 10 million deaths annually. Several projects, such as the global hearts initiative, are being implemented around the world to improve cardiovascular disease prevention and control. This is to reduce the number of people who die prematurely as a result of heart disease.
- Increasing investment for healthcare infrastructure
Another significant factor influencing the growth rate of prescription drugs market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.
- Increasing prevalence of chronic diseases
The increased prevalence of chronic diseases will fuel industry growth. The rise in cardiovascular disorders is propelling the industry forward. Growing urbanization and the adoption of hazardous living circumstances are two important factors. Chronic diseases include Alzheimer's disease, cardiovascular disease, obesity, and diabetes, to name a few. Rising cancer occurrences are also boosting market expansion throughout the forecast period. According to World Health Organization data from 2018, cancer is the world's second-largest cause of death. In 2018, it was responsible for 9.6 million fatalities. Cancer is also responsible for one out of every six fatalities worldwide. Lung cancer, breast cancer, colorectal cancer, prostate cancer, skin cancer, and stomach cancer are the most frequent cancers. In 2018, the overall number of new cases reached 18.1 million.
Furthermore, the surging geriatric population and rise in the number of infected patients globally will expand prescription drugs market. Along with this, sedentary lifestyle of people and favourable reimbursement policies will enhance the growth rate of the market.
- Increasing launch of generic equivalents
The increased number of generic versions of several key medications being launched in strong areas such as the United States is driving the global prescription drugs market. The rise in generic equivalent acceptance is partly attributed to the fact that generics are frequently as effective as their original counterparts and may often be accepted by patients for a fraction of the cost. Patients who cannot afford pricey prescription drugs due to financial constraints can often benefit from these drugs and achieve improved clinical outcomes.
- The introduction of specialty drugs
Prescription drugs that are either non-diabetic self-injectable meds or medications that require particular handling, administration, or monitoring are known as specialty medicines. Patients with difficult, rare, or ultra-rare illnesses take these drugs. The rising popularity of specialty drugs is attributed to the prevalence of rare disorders, which is improving market growth prospects throughout the predicted period. As per the Orphanet database, about 300 million people are estimated are thought to be living with one or more of the 6000 rare diseases recognized.
Moreover, the market's growth is fueled by an increase in the number of research and development activities and emerging new markets. These factors will provide beneficial opportunities for the prescription drugs market growth.
On the other hand, the high cost associated with drug development and distribution will obstruct the market's growth rate. The lack of healthcare infrastructure in developing economies and dearth of skilled professionals will challenge the prescription drugs market. Additionally, lack of awareness among people and strict government regulations will restrain and further impede the growth rate of the market during the forecast period of 2022-2029.
This prescription drugs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the prescription drugs market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Patient Epidemiology Analysis
Prescription drugs market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analysed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.
COVID-19 Impact on Prescription Drugs Market
Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. COVID-19, a new coronavirus, was identified as the causal agent in the pneumonia cases. This virus spread quickly over the world, killing a large number of people. COVID-19 was labelled a global pandemic by the World Health Organization (WHO) in March 2020, and rigorous measures to prevent the disease's spread were recommended. Since then, the pandemic has delayed the expansion of the healthcare sector and disrupted the supply chain. Furthermore, governments in many nations had imposed nationwide lockdowns to halt the spread of COVID-19. Similarly, healthcare organizations in numerous nations throughout the world were having difficulty continuing their supply chain activities. The supply chain slowness hampered the prescription drugs market. On the bright side, the prescription drugs market is likely to improve as respective government bodies lifted the enforced lockdown restrictions. Various sectors are anticipated to rebound quickly post COVID-19 pandemic due to the wide number of applications they serve. As a result, the market is projected to stabilize in the future.
- In April 2020, Pharma major Lupin Limited had announced the launch of Mycophenolic Acid Delayed-Release Tablets USP, 180 mg and 360 mg. These tablets are prescribed for the prevention of organ rejection in adult kidney transplant recipients and pediatric patients aged 5 and above who have been on dialysis for at least 6 months.
Global Prescription Drugs Market Scope
The prescription drugs market is segmented on the basis of type, therapy area, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Route of Administration
- Specialty Clinics
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Prescription Drugs Market Regional Analysis/Insights
The prescription drugs market is analysed and market size insights and trends are provided by country, type, therapy area, route of administration, end-users and distribution channel as referenced above.
The countries covered in the prescription drugs market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the prescription drugs market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing demand of diseases specific treatment and rising healthcare expenditure will further propel the 'market's growth rate in this region. Additionally, growing presence of major key players and rise in adoption of newer technologies will further propel the 'market's growth rate in this region.
Asia-Pacific is expected to be the fastest growing region during the forecast period of 2022-2029 due to surging level of disposable income in this region. Also, the development of healthcare infrastructure and the rising number of generic manufacturers will further propel the market'market's growth rate in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Prescription Drugs Market Share Analysis
The prescription drugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to prescription drugs market.
Some of the major players operating in the prescription drugs market are:
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Mylan N.V. (U.S.)
- Teva Pharmaceutical Industries Ltd. (Ireland)
- Sanofi (France)
- Pfizer Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- Novartis AG (Switzerland)
- Merck & Co., Inc. (U.S.)
- Allergan (Ireland)
- AstraZeneca (U.K.)
- Johnson & Johnson Private Limited (U.S.)
- Hikma Pharmaceuticals PLC (U.K.)
- Bristol-Myers Squibb Company (U.S.)
- Bayer AG (Germany)
- Boehringer Ingelheim International GmbH. (Germany)
- Dr. 'Reddy's Laboratories Ltd. (India)
- Gilead Sciences, Inc. (U.S.)
- Amgen Inc. (U.S.)
- Eli Lilly and Company (U.S.)
- AbbVie Inc. (U.S.)
- Lupin (India)
- Allergan (Ireland)
Research Methodology: Global Prescription Drugs Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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